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Narrow Range Ahead ECB Rate Annc, Weekly Claims, ULC

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  • Treasuries are hovering around steady to mildly lower, inside a narrow overnight range as they trade off recent lows. Focus on upcoming ECB rate announcement at 0815ET, a well telegraphed rate cut widely anticipated.
  • US Data follows with Weekly Claims, Unit Labor Cost and Trade Balance at 0830ET with the main focus on Friday's headline employment report for May (185k jobs gain anticipated vs. +175k prior).
  • Cash yields are currently mildly higher: 2s +.0081 at 4.7303%, 10s +.0135 at 4.2890%, 30s +.0102 at 4.4399%, while curves look steeper: 2s10s +0.547 at -44.340, 5s30s +0.074 at 13.455.
  • Sep'24 10Y Treasury futures are trading -1 at 110-08.5 after trading 110-12 early overnight -- through the bull trigger at 110-09 next, the May 16 high. Next technical resistance at 110-17 (High Apr 4).
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  • Treasuries are hovering around steady to mildly lower, inside a narrow overnight range as they trade off recent lows. Focus on upcoming ECB rate announcement at 0815ET, a well telegraphed rate cut widely anticipated.
  • US Data follows with Weekly Claims, Unit Labor Cost and Trade Balance at 0830ET with the main focus on Friday's headline employment report for May (185k jobs gain anticipated vs. +175k prior).
  • Cash yields are currently mildly higher: 2s +.0081 at 4.7303%, 10s +.0135 at 4.2890%, 30s +.0102 at 4.4399%, while curves look steeper: 2s10s +0.547 at -44.340, 5s30s +0.074 at 13.455.
  • Sep'24 10Y Treasury futures are trading -1 at 110-08.5 after trading 110-12 early overnight -- through the bull trigger at 110-09 next, the May 16 high. Next technical resistance at 110-17 (High Apr 4).